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Define each component of the individual income tax formula - income from whatever source derived exclusions=any item of income that the tax laws says is not taxable gross income=all income received in cash, property, and services from whatever source derived and from which the taxpayer derives a...

Describe the history of taxation in the US - 1861 - to finance civil war 1894 - Income tax reinstated but ruled unconstitutional 1895 1913 - 16th amendment 1940 - WWII mass tax 1943 - pay as you go withholding 1986 - Internal Revenue Code Identify the sources of tax law - Legislative Branc...

After reinstatement of the individual federal income tax in 1894, why was the tax challenged in the courts? A. Revenue from taxes was no longer necessary because the Civil War was over. B. Administration would be difficult since the tax was apportioned in proportion to state populations. C. The...

After the reinstatement of the individual federal income tax in 1894, why was the tax challenged in the courts? - Administration would be difficult since the tax was apportioned in proportion to state populations What are two primary sources of tax law in the United States? - Revenue Rulings, Cou...

The largest source of revenues for the federal government comes from - individual income taxes. Arthur pays tax of $5,000 on taxable income of $50,000 while taxpayer Barbara pays tax of $12,000 on $120,000. The tax is a - proportional tax. Which of the following taxes is regressive? - Federal In...

What year was the U.S income tax on individuals permanently established? - 1913 What is the highest level of legislative authority of tax law in the United States? - Internal Revenue Code What are two primary sources of tax law in the United States? - Court Decisions and Revenue Rulings What is...